On April 22, the Shanghai municipal government and Toyota officially held a strategic cooperation agreement signing ceremony, announcing that Toyota’s wholly-owned Lexus battery electric vehicle (BEV) and battery R&D company will be established in Jinshan District, Shanghai. This signing marks an important step for Toyota’s high-end new energy brand layout in China, which will help accelerate the upgrade of the new energy vehicle (NEV) industry in Shanghai and the Yangtze River Delta region.